Bitcoin Forum

Would that increase adoption? I know many people hesitate due to the high price and would probably buy it if it was seen as "less expensive".

For example:

1 BTC =   $3,900 USD = 1,000 mBTC

or

$3.9 USD per 1 mBTC

you're welcome to, but, in short, HELL no.

This is already the case. Its optional. Should we rename 100 dollar bills 10x10 dollar bills?


he gets it :D

Absolutely not.   I can't stand "bits" either.  I tune everything out except x.xxxxxxxxbtc and satoshis.  We don't need a confusing buffet of units like science has, where we need to do mental conversions and all sorts of other gymnastics to figure out what amount we're talking about.   People will get over "how expensive" bitcoin is pretty quickly if they give it 5 minutes' thought.   I know that's rare these days.

HODL your horses.
Its like new years evening. BTC to hit 4000 USD:

$3969.77 (9.11%) In green letters. Tomorrow is another story:
https://coinmarketcap.com/currencies/bitcoin/

Doge's can be spend for smallchange. And the when you need a good o'l fat coin. You pull out the bitcoin.

Absolutely no. It will only cause confusion in my own opinion, i like to stay just the way it is although some bitcoin casino sites, used mBTC as standard unit. I admit it is confusing i've mistakenly thought 5mBTC is 5btc.We don't need more monetary units to confuse us.

I can see people using different denominations when purchasing goods and services, but doesn't make much sense for trading or investing.

this is what i also said  a couple of months ago, foreseeing this day and future days when price keeps going up.

but the problem is, you can not force these things to happen. it is a community choice. if people like bitcoin they say it in bitcoin, if mBTC, Bits, satoshi, uBTC,.... they do that. and so far majority is still on bitcoin.
i personally prefer satoshi :)

it wouldn't make a difference and most of the times it makes understanding even more complex
like at first when I started gambling at moneybit and saw people tipping each others amount of bits it confused me then by time I started to understand what bits mean

maybe when bitcoin worth like 100K this may be easier when talking about bitcoin , but at the current time it's easier to say that I bought 0.1555 btc instead of 155.50 mbtc 

This again? There was endless talk about this back in 2013. In fact, I think I remember Bitcoinity switching to mBTC after Bitcoin crossed $1000 back then. I personally hate the idea, and when I use a new wallet, I always use BTC denomination. I count everything in BTC, down to the satoshi.

No we should be using Satoshis. Currently $1 US is equal to just 25,000 Satoshis. So we should be using it.

mBitcoin is a denomination of Bitcoin already, i'm not sure what you're asking. What would you call 1,000 mBTC then? How about we call that a Bitcoin. And we call 1 / 1oooth of it a millibitcoin (or a millibit or a millie if you're in to the whole brevity thing).

Why do you propose renaming the denominations? Would you also propose renaming them again if the price drifts to 10,000 or back to 100? At what frequency do we then have to reconsider the denominations? The complexity of management just grows.

What's wrong with the current naming convention?

It will not be too difficult if everyone will get used to it, I also often think of denominations if bitcoin prices continue to skyrocket, so users can more easily accommodate and use price fractions, but if this happens there will be a lot of new confusion including its application in the trading market.

it can happen but the problem is with the unit that we choose. it needs to be universal and everyone needs to understand it and it also needs to be different so people won't make mistakes.

mili and micro are good but they also have the problem that many don't know what they mean. i don't know why, maybe it is because different system of measurements or not being familiar with the measurements prefixes but it is a common thing when people ask what is "mBTC" for example.

Yes it makes more sense to use mBTC than BTC, given that BTC price is already $4000. Go BTC!

Many people are using btc in terms of mBtc but honestly i don't like it . The main reason behind this is that i had never used myself in perfect way of the unit of mbtc because this is unit is much small and needed more zeros to make calculation .
And no doubt mBTC is better for those who are using the bitcoin transaction or use in very small amount like 0.0005 or 0.005btc because they don't needed to have zero .
But people like me can't use BTC in terms of mBTC because our transaction amount always in bulk atleast of 0.1btc , so for us to better to calculate in direct unit instead to small small units .

Is it 2015 again? Did the fork take us back in time once the blocksize debate was resolved?

The quick rundown that I used to give years ago, and have had to say once in the past month again, is that while people in the community may price items and so in mBTC, the general market ticker will remain BTC and it will not change anytime soon. Changing it to mBTC is not something that is plausible at any point now, and if people want to be hesitant because they see a big number then it is probably best they don't get involved.

Actually there are wallets which you can choose what you prefer whether in mbtc or what. People should ought to know the value rather than the numbers. In our country's fiat system, the prices of the products are not commonly dealt with cents but rather usually a whole number. Meanwhile, for example where USA's dollar's value is big then they deal with cents usually hence should we call it every -cent-dollars or anything rather than dollar? Of course not!

I don't think it really matters. Whether you put it in mBTC or BTC the value is still the same. Those zeroes are quite confusing if you read it in mBTC. But with the wallet I am using I have the option to set how much I am going to buy in a fiat currency so I don't have to bother how many 0.0000 I have to put if I am going to buy less than 1btc. With that, I don't have to worry whether it's denominated as btc or mbtc.

It's completely psychological but i think that if this could be implemented somehow, it wouldn't actually be a bad idea.

The fact is that people are used to dealing with large numbers instead of so many decimal points. It just seems natural to have 4mBTc instead of 0.004 BTC, for example.

But, this won't happen unless everyone agrees that mBTC should be the norm. Otherwise, it's just going to cause confusion as to how much one owns. Plus, it's going to be hard to implement, since bitcoin is the original denomination. It could be done through a fork in which everyone's balance just 1000x, for example. But then people will accuse bitcoin of being not decentralized, and inflationary.

It has its advantages and disadvantages and i think that it's too much hassle. It's best to leave it alone, people who like mBTC can use it and people don't like it can use the original BTC denomination.

That's correct, it makes it easier to understand and relate to especially by the new ones that's joining Bitcoin by the day. It also make it attractive for people to invest in bitcoins rather than being discouraged by the $4000+ price of Bitcoin.

Yes, i think that in a near future it is gonna be better to say mbtc than btc, because i think that it will look better if we say "i bought 15 mbtc than 0.015 bitcoins" but it will only happen when the price is gonna be such high that buying a whole btc could be impossible to everyone.

I think at this point, it's not much expensive (than the potential of it), so there are the people who can afford to buy a whole Bitcoin even at this moment so I don't think that it is necessary to avoid calling it BTC. If you are a seller then you can anyway put your price in any denomination and even in some wallets, you have the option to choose the currency view in which you can select BTC, mBtc, Satoshi etc. Afterall million is million even if one can't afford it.

I thought about this in the past, and I agree with you. It's sort of bad for inexperienced people because they will think that bitcoin is expensive, not knowing that bitcoin is divisible down to 8 decimal places. I personally think it would be better if a bitcoin is like only around the hundreds in dollar value, while having a bigger denominator like "megabitcoin" or something (sounds stupid yes, just an example). It just sounds better paying for a dinner for like  "2 bitcoins" or something.

It's too late though. If it is to be implemented now it would just cause alot more confusion, as if bitcoin isn't confusing enough for non tech-savvy people. So, no. It shouldn't be denominated as mBTC.

Based on my opinion it's recommended for current scenario even lots of my friends hesited because of this high price it's good way to invite lots of newbies into bitcoin world for mentioning mbtc it's price also too less then absolutely there will be huge adoption we can see in future.

That's a good idea for people who are complaining about the price of bitcoin, if they can't afford bitcoin then they can afford mBTC because it is not that too much expensive and it just takes a few dollars to buy at least 1 mBTC. As the price of bitcoin is getting higher then it is more becoming a not affordable to others but a mBTC is still affordable for most of the people.

Exactly, every country has its own currency and their ways of dealing with it are different from others. My country also works on the same principle. And the idea of calling dollar something else is just because it reduces into cents is ridiculous. You are absolutely right that this can not happen. Similarly, mBTC cannot dominate BTC because BTC is the basic currency which is further divided.

it should. mBTC is much more eatable by the public. People screams bubble when they hear the current price... so this year it's mBTC next year its uBTC

With the current bitcoin price it certainly makes sense to use mBTC so it is closer to USD.

That makes even less sense. Typical network fees are many, many thousands of times more than a satoshi. Dollar value doesn't matter. It's totally irrelevant to the protocol, so it shouldn't determine how bitcoiners denominate their bitcoins.

Should we really pursue USD? A fiat currency with enormous inflation? Bitcoin is different, let it stay different!

I think it shouldn't be denominated. I'm used to counting it as it is and since people had no problem with that for many years why should we even consider it?

Would make sense in allot of places. instead of denominating values with full BTC's (which is a rather big sum) using mBTC is more convenient, I already seen multiple websites applying it like that.

In fact many places are already doing this, the sportsbetting sites in my mind. Everyone is free to do it, but I think it would not help mass adoption. Regular people first want to see big numbers and they are used to Bitcoin, so do not introduce to them something new.

I've seen it done in some casinos and dice betting sites. Things like that. But for purchases (i.e. Bitpay), price discovery (major exchanges), and most other things, BTC denomination is the norm. We've been doing it since 2009. Don't fix what ain't broke! :)

I dont think we need to prepar to change the bitcoins units,but in a future yes, and i dont know how this will occur but change the units to mBTC is a good start, all depends of the price factor...

Quoting Bitcoin in mBTC terms will make it easier for people to relate to it and encouraged to invest in it rather than the huge BTC value that puts off a potential investor straight up upon seeing he cannot procure a full Bitcoin but just a piece of it.

To be honest, posting a bitcoin figure in mBTC format makes Bitcoin sounds cheap. mBTC is very common to people who practice Bitcoin faucets.